Suspends Bitcoin Mining Amid Senior Management Shakedown

Bitmain, the world’s largest cryptocurrency mining hardware manufacturer, has had tumultuous few months. The company is going through a significant senior management shuffle and is now reported to shut suspend operations in Rockdale, Texas.

Operations Suspended?

 Bitmain is reportedly suspending its’ its operations in the town of Rockdale located east of the city of Austin, Texas. The future of what was once supposed to be the biggest US-based cryptocurrency mine now seems uncertain at best.

Speaking on the matter was Milam County Judge Steve Young, who said:

“I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this. […] This was huge; we need some positive news here. We need some jobs here. We need a tax base here, and this was a step in the right direction.”

 The cryptocurrency mining hardware manufacturer announced its plans to invest more than $500 million over an initial period of seven years back in August 2018. The price of Bitcoin back then was circling $8,000, while, at the time of writing this, Bitcoin’s price is $3,600.

Amid the tumbling market, a spokesman from Bitmain has said that the company is adjusting to the market conditions:

“The right-sized team at Rockdale now has the expertise to re-start the project at small scale anytime. Bitmain would like to ramp up the site at a slower pace and scale based on market conditions.”

Nevertheless, it was recently reported that Bitmain would lay off more than 50% of its staff. According to Young, Bitmain has reduced its Rockdale staff to five employees from around 15.

Senior Management Shuffle

The news of Bitmain seizing operations in Texas comes a day after it was reported that the company is going through a significant senior management shuffle.

Reportedly, co-founders Jihan Wu and Zhan Ketuan will be stepping down from the company’s day-to-day

Jihan Wu, Bitmain’s CEO. Source: Twitter

activities as they appoint a new CEO. According to the reports, the person to assume the role is Wang Haichao – a product engineering director at Beijing-based semiconductor company called Availink.

Anonymous sources familiar to the matter have revealed that Wang has already assumed specific responsibilities from both co-CEOs. He’s in a transition period since December.

Bitmain applied for a public listing with the Hong Kong Stock Exchange (HKEX) last year. It seems, however, that the company’s chances for obtaining a public listing are thinning down.


Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

CryptoPotato Video Channel

More news for you:

Ethereum Price Analysis Jan.11: Following Bitcoin, ETH Reached Major Support at $124

By arnon  /  Jan 11, 2019

TRON CEO, Justin Sun, Mocks Recent Ethereum’s Poor Performance: the Crypto Community is not Impressed

By Ali Raza  /  Jan 11, 2019

Bitcoin Price Analysis Jan.11: BTC Tests a Critical Support Area

By Yuval Gov  /  Jan 11, 2019

Steemit Social Network Bans Users Amid Censorship Resistance

By Toju Ometoruwa  /  Jan 10, 2019

It Will Take a While Before a Bitcoin ETF Approval: Yoni Assia, CEO of eToro Says

By Felix Mollen  /  Jan 10, 2019

Bitcoin Price Analysis Jan.10: BTC Breaks Down to $3800 Following a Long Squeeze

By Yuval Gov  /  Jan 10, 2019

Crypto Market Update Jan.9: Bitcoin Consolidates Around $4000, Altcoins in Green

By Yoni Berger  /  Jan 9, 2019

Weekly Price Analysis Overview Jan.9: Bitcoin, Ethereum, Bitcoin Cash and Monero

By Yoni Berger  /  Jan 9, 2019

Speculation Around TenX Co-founder’s Alleged Dumping of 2.2 Million PAY Tokens

By Benjamin Vitáris  /  Jan 9, 2019

Cryptocurrency Exchange Huobi Begins Its Operations in Japan

By Felix Mollen  /  Jan 9, 2019

Bakkt Futures by ICE is Now Supported by World’s 23rd Richest Man Li Ka-Shing

By Ali Raza  /  Jan 9, 2019

Ripple’s Milestone: RippleNet Has Now Over 200 Customers

By Toju Ometoruwa  /  Jan 8, 2019

Ripple XRP Price Analysis Jan.8: The $0.4 Resistance is Getting Closer

By Jonathan Goldman  /  Jan 8, 2019

Bitcoin Price Analysis Jan.8: Following Anticipated Correction, Bitcoin is Ready for $4050 Resistance

By Yuval Gov  /  Jan 8, 2019

ASIC Cracks Down on Australian BitConnect Promoter Whose Wife Went Missing

By Ali Raza  /  Jan 8, 2019

The 51% Attack on Ethereum Classic (ETC): Coinbase States $450k in Double Spending while ETC Denies

By Toju Ometoruwa  /  Jan 7, 2019

Store Of Value Vs. Utility: Which Is Truly Necessary For Mainstream Adoption of Bitcoin?

By Toju Ometoruwa  /  Jan 7, 2019

Ledger Announces a New Bluetooth-Based Hardware Wallet (Nano X)

By Ali Raza  /  Jan 7, 2019

Bitcoin Price Analysis Jan.7: BTC Is Over $4000 Following Triangle’s Breakout

By Yuval Gov  /  Jan 7, 2019

Ethereum Price Analysis Jan.6: ETH Is Looking At $160 and Bitcoin’s Triangle

By Jonathan Goldman  /  Jan 6, 2019

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
js.src = “//”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
Article Source…

Leave a Reply

Your email address will not be published. Required fields are marked *